What are credit unions doing with their technology budgets? Where are credit unions’ investment priorities? What insight can credit unions provide one another in regard to maximizing technology budgets?
Callahan addressed these questions and more in its annual Technology Survey. The survey asked credit unions to compare their 2009 and 2010 technology budgets as well as staffing levels. The survey categorized technology spending into seven key areas (below) and asked respondents to provide details on specific applications they had budgeted for in the future. The key areas were:
- Internet Applications
- IT Security
- Internal Office Applications
- Core Data Processing System and Backups
- Business Continuity
- Self-Service Equipment (ATMs, Kiosks, Remote Teller Systems, Remote Deposit Capture)
- Call Centers
Among these first four categories, the survey identified 31 distinct technology applications and asked which applications, if any, credit unions already had in place. The survey asked credit unions to indicate which items, if any, they planned to make a significant initiative (either adoption or upgrade) in 2010 or 2011. The survey also included open-ended questions such as which technology investments have had the greatest impact on operating expense reduction and member service enhancement as well as questions that gauged the credit union’s philosophy toward technology adoption.
For highlights of the survey, download the Technology Spending Survey PDF. Complete survey results are available in the CUSP Appendix, available at www.creditunions.com/analysis/CUSP.